Banana drama as Fyffes knocks back hostile bid from Jose Luis Cutrale and Joseph Safra October 16, 2014 Banana giant Fyffes yesterday moved to block another advance from a Brazilian orange juice tycoon trying to turn the head of its takeover partner Chiquita with his own offer. US-based rival Chiquita agreed to merge with Fyffes in March, but faced doubts on Wednesday when juice magnate Jose Luis Cutrale and billionaire Joseph Safra threatened [...]
Luxottica founder Leonardo Del Vecchio takes charge as second chief executive Enrico Cavatorta steps down October 14, 2014 Luxottica chairman Leonardo Del Vecchio has taken control of the running of the company he founded half a century ago after losing its second chief executive in six weeks. The Ray-Ban owner announced on Sunday that Enrico Cavatorta was quitting just over a month after the surprise exit of his predecessor Andrea Guerra. Cavatorta and [...]
Anfield owners to sell naming rights for new Liverpool stand October 13, 2014 LIVERPOOL owners Fenway Sports Group [FSG] have confirmed their intention to sell naming rights for the new main stand at Anfield in order to offset the total £75m cost of stadium redevelopment. The Merseyside club have been granted planning consent to reconstruct two sides of Anfield, with work expected to start in early 2015 subject [...]
Aldermore meets with low-key demand for its £800m flotation October 6, 2014 ADVISERS to the challenger bank Aldermore have found it tough going in the first two days of bookbuilding for its upcoming London flotation, sources said yesterday. Equity capital markets experts said the issue had not yet been covered, suggesting the group was unlikely to make the top of its price range of between 217p and [...]
Retail investors are worth courting – Editor’s Letter October 5, 2014 London’s been having a pretty good time of things as far as raising money for newly listed companies is concerned. So far this year 99 floats on the London Stock Exchange and the junior Alternative Investment Market have raised a total of £10.4bn, up from £8.7bn last year and only £2.5bn in 2012 when the [...]
Virgin Money advisers reject retail element in £2bn IPO October 1, 2014 Virgin Money, which is planning a London float that will value the challenger bank at between £1.5-2bn, has decided against offering the shares to the public despite some institutions and advisers pushing hard for this. Retail offers have been a rarity in the London market this year, despite the massive interest generated last year by [...]
Saga looks to branch out after turbulent start to life in public September 30, 2014 OVER-50’S holiday-to-insurance provider Saga tried to put its float flop behind it yesterday by planning to move into running old people’s homes and wealth management. The FTSE 250 listed group said it was on the verge of striking a deal with an unnamed wealth manager to provide financial services to its customers. It is also [...]
Saga share price edges up as finance director announces plans to step down just months after its IPO September 30, 2014 Shares in Saga opened 0.2 per cent higher this morning, after its finance director announced plans to step down. Stuart Howard said he will leave the company by next year, to be replaced by current Bovis CFO Jonathan Hill. Andrew Goodsell, the company's chairman, said after more than 14 years in the role, Howard "feels [...]
London Report: Housing market stalls and GDP is re-evaluated September 28, 2014 HOUSING data showing fewer mortgage approvals and only modest price increases looks set to show that the UK’s booming property market is finally slowing. Bank of England figures out today are forecast to show that mortgage approvals fell to 66,000 in August from 66,569 in July and 67,085 in June. The numbers are well below [...]
Singapore fund crashes into RAC stock market float plans September 23, 2014 RAC, the roadside recovery group that has been preparing itself for a £2bn flotation in London, is understood to be in takeover talks with GIC, the Singapore sovereign wealth fund. Sources said last night that RAC’s initial public offering timetable had come to a halt to allow talks to be held between private equity group [...]